Crude Oil Prices Slump After Shock Inventory Build

Crude Oil Prices Slump After Shock Inventory Build

Crude Oil Prices Slump After Shock Inventory Build

The revision is another sign that USA drillers are taking full advantage of higher oil prices buoyed by OPEC 's deal with crude exporters to limit production in a bid to shrink a global oversupply.

Ahead, the American Petroleum Institute (API) will release its estimates of crude and refined product inventories at the end of last week, followed by the Energy Information Administration (EIA) with official data on Wednesday.

Brent crude fell almost 1 percent on concerns that the cutting of ties with Qatar could hamper a global deal to reduce oil production.

Crude inventories rose by 3.3 million barrels in the last week, compared with analysts' expectations for an decrease of 3.5 million barrels. Refinery crude runs plunged 283K barrels per day to 17.2M bpd, compared to the prior week's 17.5M-bpd rate. USA commercial crude inventories increased by 3.3 million barrels last week, maintaining a total US commercial crude inventory of 513.2 million barrels.

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August Brent crude also fell down 1% or 48 cents closing in at $49.47 per barrel which was the benchmark's lowest settlement in the past month.

Commodities brokerage Marex Spectron said it expects a "lower supply of crude oil on the physical market" in the coming weeks, lending oil prices some support.

U.S. West Texas Intermediate crude was up 52 cents at $47.92 by 1:15 p.m. EST (1715 GMT).

Crude prices, in addition, continued to remain under pressure after several Saudi-led Gulf states cut diplomatic ties with Qatar on Monday claiming national security concerns. Distillate product supplied averaged over 4 million barrels a day over the past four weeks, up by 1.8% compared with the same period a year ago.

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In its monthly short-term energy outlook Tuesday, the EIA said US oil output average 10 million barrels per day in 2018 up from 9.3 million barrels per day now.

Although Qatar is a small oil producer, other Opec states could see such an action as a reason to stop restraining their own output, traders said.

USA exports were also down sharply, though that figure tends to fluctuate on a week-to-week basis. He pointed to high levels of crude production in the USA, the North Sea and the potential for rising output from Libya and Nigeria.

"Despite strong compliance overall so far, OPEC's efforts have not borne much fruit, as far as oil prices are concerned", said Eklavya Gupte, Senior Editor, Europe and Africa Oil News, S&P Global Platts.

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